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Credit Repair

Tips For Rebuilding A Credit Score After Bankruptcy

The global economy and job loss have sent record numbers of people through the bankruptcy courts. After filing and discharge are taken care of, you may be wondering how your credit score will ever recover. Here are a few tips to help you get started.

  • First, do not close any old credit accounts that you did not file bankruptcy on. This will damage your credit score even more.
  • About a month after the bankruptcy has been discharged, pull your credit report. Make sure the covered debts are appropriately marked and there are no errors that need to be taken care of.
  • Apply for a credit card about 60 days after the discharge date. Keep in mind that you may need to obtain a secured card at first. Search for the lowest interest rates and fees just as you would with any other credit card.
  • Once you obtain a credit card, do not charge more than 25% of your credit limit and pay your balance in full each month when ever possible.
  • You will probably have to stumble along for about two years before you are able to get a car loan. Even then it should be small used car loan in order to avoid being upside down. You will probably have to pay a high interest rate on the first one. If your primary concern is buying a car, you might want to look into credit repair for auto loans.

Bankruptcy is not the end of your credit life. It can be a chance to develop a higher score than you have ever had before if you handle it correctly.

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